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Technology Solutions and Services

Role of Technology Simplifies KYC and AML Processes?

What is AML screening, and how is KYC different?. AML includes laws and regulations to prevent financial crime. Each country has a different AML regulation or law. Besides, KYC/KYB procedures are just a small part of the anti-money laundering compliance policies. KYC includes practices to recognize the customer or an employee at the moment of first participation. For example, it is a procedure in which the answers to the questions about whether the customers individual identity are answered and proven.

All organizations at risk of money laundering must have Anti-Money Laundering compliance. Otherwise, they face regulatory penalties. However, it may not be easy because regulations are constantly updated and firms are expected to be on top of them at all times. Thus, technological solutions supported by artificial intelligence have emerged to comply with the regulations, and to minimize money laundering risks.

With these solutions, manual customer scans have been made automatically, making them faster and safer. Technology has take care of most of the problems faced by firms in terms of customer screening. Money laundering is likely to appear in new ways, but technology has a way of keeping up with the times, and improves day by day. In this day and age, financial institutions and institutions at risk of money laundering have dozens of options in terms of what to choose for algorithmic AML solutions which combat money laundering.

At Blue Arrow, we bring with us years of technological and regulatory experience, and offer our clients peace of mind in the form of streamlined and automated KYC, KYB and screening solutions, which can be entrusted to save technical environments, keeping company and client data in safe hands, and providing quick turn around times to client firms that wish to simplify and streamline their customer screening processes.